Eliem Therapeutics (NASDAQ:ELYM) Shares Down 3.4% – Here’s Why

Eliem Therapeutics, Inc. (NASDAQ:ELYM) shares were down 3.4% during mid-day trading on Tuesday . The stock traded as low as $1.42 and last traded at $1.42. Approximately 342,122 shares were traded during mid-day trading, a decline of 30% from the average daily volume of 486,688 shares. The stock had previously closed at $1.47.

Eliem Therapeutics Trading Down 3.4 %

The business’s fifty day moving average is $1.86 and its 200 day moving average is $3.93. The firm has a market capitalization of $42.25 million, a P/E ratio of -2.68 and a beta of -0.39.

Hedge Funds Weigh In On Eliem Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of ELYM. Janus Henderson Group PLC raised its holdings in Eliem Therapeutics by 10.8% during the 3rd quarter. Janus Henderson Group PLC now owns 3,606,495 shares of the company’s stock worth $18,303,000 after buying an additional 352,507 shares during the period. Ally Bridge Group NY LLC boosted its stake in Eliem Therapeutics by 145.9% in the 3rd quarter. Ally Bridge Group NY LLC now owns 1,229,292 shares of the company’s stock worth $6,257,000 after purchasing an additional 729,292 shares during the period. Point72 Asset Management L.P. purchased a new position in Eliem Therapeutics during the 3rd quarter worth approximately $3,008,000. State Street Corp raised its stake in Eliem Therapeutics by 433.9% during the 3rd quarter. State Street Corp now owns 315,036 shares of the company’s stock valued at $1,604,000 after purchasing an additional 256,029 shares during the period. Finally, Parkman Healthcare Partners LLC purchased a new stake in shares of Eliem Therapeutics in the third quarter valued at $1,419,000. Institutional investors and hedge funds own 69.76% of the company’s stock.

Eliem Therapeutics Company Profile

Eliem Therapeutics, Inc, a biotechnology company, focuses on developing therapies for neuronal excitability disorders to address unmet needs in psychiatry, epilepsy, chronic pain, and other disorders of the peripheral and central nervous systems. The company was incorporated in 2018 and is headquartered in Wilmington, Delaware.